KPMG has been fined £1.25m over failures in its 2015 and 2016 audits of Revolution Bars Group, and one of its former directors has been fined £50,000.

Industry watchdog Financial Reporting Council levied the fines for the “serious breaches” the firm made in its audits of the listed entertainment company, whose business centred on a national chain of cocktail bars. The audits related to the financial year ended 30 June 2015 and the 53 weeks ended 2 July 2016.